ACA Blasts FATCA

Bahamas Weekly is reporting American Citizens Abroad Blasted FATCA at the Ways and Means Committee of U.S. Congress this week.

While focusing on the particular damage FATCA does to U.S. citizens living abroad, ACA pulls no punches in spelling out the broader harm this 2010 law (now pending implementation) threatens to inflict on the American economy as a whole, while failing in its stated purpose of curbing offshore tax evasion.

Plus, ACA spoke about international reactions:

“Foreign governments worldwide are furious that the U.S. Congress has the arrogance to exercise financial imperialism, to unilaterally impose its laws on the rest of the world, to require foreign financial institutions to spend tens of billions of dollars to comply with U.S. law and to require FFIs to break privacy laws in their own country in order to comply with FATCA, exclusively for the benefit of the United States with no reciprocity, let alone any prior negotiation.”

You Go ACA!  Will Congress listen?  If past response is any indication,  we shouldn’t count on it.